cash value

Definition

The amount available in cash upon cancellation of an insurance policy, usually a whole life policy, before it becomes payable upon death or maturity. also called cash surrender value or surrender value.

Use cash value in a sentence

The cash value of the policy was substantial so we decided to cancel the policy and receive the infusion of liquidity.

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I noticed that I had a lot of cash value and that was good because I needed it badly and could not afford insurance anymore.

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The decision to use a whole life policy as an investment vehicle paid off for Joe, when the cash value allowed him to receive a large sum of money.

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